The wheels are turning – toward a digital world
Digital is becoming pervasive across industries. The capital markets industry is based on data. Its leaders understood, very early on in the process, the importance of digitalization and were the first to apply it in their day-to-day operations to improve efficiency, reduce costs and pass on the benefits to their customers. However, the degree of digitalization in this industry lags behind other financial services while the overall sector trails consumer goods/retail business.
Going digital in capital markets will be a result of innovation rather than operations and enablement. The challenges in front of the digital leaders are manifold as they embark on the change journey. These are:
Digital transformation in capital markets industry
The capital markets industry, today, finds itself in a transitional period where it has the opportunity to adapt to digital trends and technologies as well as innovate with new business models and products/services.
Figure1: Top risks addressed by securities1
Figure2: Top opportunities for digital transformation in securities1
Figure3: Innovations themes and appetite for adoption5
Digital case-in-point examples
Management required for digital adoption
Traditional qualities of a leader like risk-taking ability, decision-making capabilities, accountability, delegation & empowerment still hold good. However, in the digital age the way ahead will be to:
1. A PwC report on “Capital markets 2020” - 2018
3. Everest Group - Enterprise Digital Adoption in Banking and Financial Services Pinnacle Model – 2018
4. Gartner report on The Future of Work – 2017
5. ENY report on New opportunities for Securities industry – 2017
Head of Presales & Solution Design, Securities & Capital Markets (Financial Services)
Samir has over 20 years of experience in the financial services industry. His work experience includes business requirements elicitation and analysis, development and implementation, sales and account management and presales and solution-design in banking and capital markets.
He can be reached at email@example.com